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OCBC Bank has priced 500 million euros (S$751 million) of covered bonds due 2022 at 0.25 per cent. Proceeds will be used for general corporate purposes.
The bonds are expected to be rated "Aaa" by Moody's and "AAA" by Fitch. They are secured by a portfolio of assets purchased by Red Sail Pte Ltd from OCBC Bank, and other assets of Red Sail.
The bonds are expected to be issued on March 21.
Covered bonds are debt issued by banks, secured by their pool of residential mortgages.